North Carolina students who are getting married might want to consider a prenuptial agreement. While couples rarely want to think about the possibility of divorce while they are planning a wedding and students might think they have too few assets to make a prenup worthwhile, there are several advantages of these agreements for students.
Many students, especially those in law or medical school, carry large educational loans. A prenup would ensure that one spouse does not get saddled with the other spouse’s debts. Furthermore, a prenup can also make plans for property division based on anticipated future earnings. Another advantage of making a prenup is that it gives couples the opportunity to talk frankly about their own financial situations and their attitudes about money. Some young people might not fully understand everything they own and owe until they have this conversation.
A prenup is not a replacement for good estate planning, but it can also address what happens to assets in the event of a person’s death. Some young people may prefer for some or all of their assets to go to their parents instead of to a spouse.
People of any age who are preparing a prenuptial agreement should be aware of a few important points. A prenup can be challenged during the divorce process. A spouse may have agreed to an arrangement but might later decide it is unfair. If a judge thinks so as well, the agreement might be dismissed. A prenup could also be invalidated if it appears one party was pressured into signing or did not fully understand the agreement. For example, an agreement that was put together just before the wedding could indicate coercion.